Alameda Research, a crypto-trading company founded by crypto-billionaire Sam Bankman-Freed, has invested $ 35 million in the automated crypto-trading app Stacked.
On December 9, the startup officially announced the successful completion of its Series A financing round, led by Alameda and Mirana Ventures, venture partners of Bybit and BitDAO.
The new funding is said to help Stacked grow its 40-person team to more than 100 employees by 2022 and continue to expand its cryptocurrency portfolio and auto loan products.
Alameda began investing in Stacked more than a year ago, according to Alameda Research Ventures partner Brian Lee, and is confident in its ability to provide a “unique and easy investment experience for retail investors.”
“The ability to give users some restrictions when creating a wallet, as well as letting that user hold funds on their preferred exchange, is something that investors really want,” Lee told me.
Launched in April 2020, Stacked is an online application that allows users to access proven trading strategies and investment portfolios through pre-built stacks based on popular crypto indices, hedge funds and other investor portfolios. The platform plans to become fully mobile within six months.
According to Joel Burch, co-founder and CEO of Stacked, stacks that include Decentralized Financial (DeFi) currencies are among the most popular on the platform. According to the data stack at the time of writing, non-fungible (NFT) tokens are the most effective, including a mix of large and small coins that provide access to the NFT market.
Alan Eschweiler, Stacked’s head of revenue, stressed the importance of supporting the company’s large businesses. “It is no coincidence that the two largest cryptocurrency exchanges together are leading this investment round. These and other exchanges have been key partners for our company since day one, and have provided more and more automated investment tools to their users. ”
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The news comes as FTX Bankman-Fried appears to be raising $ 1.5 billion for the global cryptocurrency derivatives exchange and its US subsidiary, FTX.US. Technical publication The Information reported on December 3 that FTX and FTX.US are valued at $ 32 billion and $ 8 billion, respectively, as a result of new fundraising.